BitMine Immersion Technologies Inc. (BMNR) saw its stock soar 20.83% on Wednesday, following the revelation that billionaire investor Peter Thiel had acquired a 9.1% stake in the company. The surge in stock price comes amid a broader rally in crypto-related stocks and growing interest in BitMine's substantial Ethereum holdings.
According to a Securities and Exchange Commission filing, Thiel, co-founder of Palantir Technologies and PayPal, purchased 5.09 million shares of BitMine through various entities of his venture capital firm, Founders Fund. This move by one of Silicon Valley's most prominent tech titans has significantly boosted investor confidence in the crypto mining service provider. BitMine recently disclosed that it holds 163,142 Ethereum coins, worth over $500 million, as part of its strategic focus on building up its cryptocurrency treasury.
The impressive gain in BitMine's stock price also aligns with a broader uptick in crypto-related stocks. This sector-wide rally has been fueled by optimism surrounding potential legislative developments, particularly the anticipated vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. As Ethereum's price climbed to $3,152, up 6% over the past 24 hours, BitMine's substantial Ethereum holdings have become increasingly valuable, further driving investor interest in the stock.
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